Online banking is taking over the world. We’ve seen it ourselves; PingPong's virtual wallets have processed over $90 billion in cross-border payments since launching. With that said, it's no surprise that more and more businesses are looking to open virtual bank accounts to help them scale.

But what exactly is a virtual bank account? And how can it help your business scale in 2022? This article will answer those questions and more.

How Do Virtual Bank Accounts Work?

A virtual bank account is an online account that allows you to store, send, and receive money without a physical bank. Virtual bank accounts are usually connected to your existing bank account, which means you can use them to make and receive payments just like you would with a traditional bank account.

With your virtual wallet, you can transact in 11 currencies seamlessly and quickly. All you need is an internet connection.

How Can a Virtual Bank Account Help Your Business Scale in 2022?

Scaling a business isn't easy. You have to worry about things like market expansion, hiring new employees, and managing cash flow. But one of the biggest challenges you'll face when scaling is figuring out how to manage your finances on a global scale.

A virtual bank account can help you manage your finances with more control by giving you a single platform to handle your transactions. With a PingPong virtual bank account, you can:

Automate your finances

Automating your finances is one of the best ways to save time and improve efficiency. When scaling, you'll have to deal with an influx of invoices and expenses. A virtual bank account can help you automate your finances by allowing you to connect your accounting software and automatically reconcile your accounts.

If you have an API-integrated system, you can also automate your payments. This means you can make and receive payments without lifting a finger.

Save on costs

Scaling a business is expensive. With virtual banking, you can save on costs by eliminating the need for a physical branch. In other words, you won't have to pay for local rent and other overhead costs associated with traditional banking.

In addition, virtual banks often offer lower fees than traditional banks, especially for international payments. When using a virtual bank account, you can transact in multiple currencies without paying any foreign transaction fees, bringing you more savings when sending and receiving money.

Improve your cash flow

Cash flow is essential for any business, but it can be a challenge to manage when expanding into new markets. You might need to front the inventory cost or pay for new employees before you even see any revenue.

A virtual bank account can help improve your cash flow by giving you instant access to your funds. With a virtual bank account, you can receive payments in real-time, which means you won't have to wait for days or weeks to access your money. The same goes for when you need to make a payment.

For example, a supplier in China might request payment before they ship your goods. With a virtual bank account, you can make same-day supplier payments and avoid any delays.

Virtual bank accounts also offer tools to help you manage your cash flow, such as escrow services and automated payments. With these tools, you can schedule your expenses in advance, and rest assured knowing that your bills will be paid on time, even if you're not around to do it yourself.

PingPong also has a very intuitive dashboard that gives you a complete overview of your account, so you can always see where your money is going and make informed decisions about how to manage your cash flow.

Simplify your accounting

Scaling a business can be chaotic. You might find yourself dealing with multiple vendors in different countries, all of whom have separate invoicing and payment terms. This can make it hard to keep track of your finances and manage your accounts receivable and payable.

Then, there are taxes and compliance. When you're expanding into new markets, you need to ensure you're compliant with all the local regulations. It can be a time-consuming and expensive process.

PingPong makes paying VAT (Value-Added Tax) easy. You can automatically calculate and file your VAT returns with our tax module. We also offer a compliance module that helps you stay compliant with all the local regulations in your target markets.

Open a Virtual Bank Account For Free Today

Expanding a business is always challenging, but it's made easier with the right tools. If you're looking to scale your business in 2022, PingPong can help. A virtual bank account can save you time and money, allowing you to focus on what's important: growing your business.

When you open a virtual bank account with PingPong, you'll get access to all the tools you need to manage your finances, stay compliant, and improve your cash flow. So why wait? Register with PingPong today, our team is ready to help you get started.

Get in touch to learn more about how we can help you scale your business.